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World
12 Aug 2018

Macau to displace Qatar as world's richest place by 2020

These places are expected to be the richest

Qatar, currently the world's richest place, is soon set to be overtaken by Macau - the world's newest gambling hotspot.

According to the IMF, Macau's per-capita GDP will touch $143,116 by 2020, while Qatar will grow only to $139,151.

Beyond that, the gap between the two countries will widen further, IMF predicts: while Macau will reach per-capita GDP of $172,681 by 2023, Qatar will touch $158,117.

In context

These places are expected to be the richest
Macau's incredible growth story

Macau

Macau's incredible growth story

In December'99, Macau returned to Beijing's control after 442 years of Portuguese rule. The new Macau Special Administrative Region includes the Macau Peninsula, Coloane Island, and Taipa Island.

It is now the only place in China where casinos are legal. Naturally, it attracts the biggest high-rollers from the mainland.

Its shooting GDP is proof: it's more than tripled from $34,500 per capita in 2001.

Qatar struggling with several obstacles

Meanwhile, Qatar's economy has slowed down, hit mainly by falling oil prices. Complicating matters further, a Saudi Arabia-led bloc severed diplomatic and transport links with the country last year. The situation was so bad that economists predicted a 2.5% growth in Qatar's economy this year- the lowest since 1995.

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Predictions

The other places slated to be in the top-10

Apart from Qatar and Macau, IMF predicted high growth for some other places including Singapore, whose per capita GDP is expected to top six digits by next year.

By 2023, it will touch $117,535, while Hong Kong will grow to $80,000.

Luxembourg, Ireland, and Norway in Europe made up the list of 10 to-be-wealthiest places by 2020. The US was ranked 12th.

Ask NewsBytes
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Where does India stand?

Asked on 13-08-2018 by Rizwan Shaikh

Answered by NewsBytes

There is no such recent ranking about India but according to IMF, the Economic Growth of India is expected to be about 7.3% for the fiscal year 2018-19.

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